Child-Friendly and Parent-Approved: Key Trends in Children’s Categories
This report is one in a series titled “Child-Friendly and Parent-Approved”. It takes a collective view of Euromonitor International’s baby and child-specific categories, highlighting global and regional market statistics alongside important trends across several key industries. The series connects industry-specific insights with the evolving demographic landscape and lifestyle trends to inform brands and retailers how best to target adults purchasing children’s products in this rapidly changing environment.
Despite us having fewer children there are value growth prospects for child-based categories
Global shifts in consumer values and priorities are changing family dynamics. Today’s younger adults are waiting longer for their first kid, having fewer, rejecting many traditional family lifestyle trends and living life their own way.
Despite this, spending on children’s products continues to rise, driven by demand for more higher-quality, solution-based products that command a premium. Modern parents are rethinking their purchase habits. Determined to give them the best they can afford, they will pay a premium for the right products and services. They are willing to spend more on healthier and safer items and products and services that save them time and enable them to create memorable experiences, making the most of precious time amid their busy lives.
Balancing parents’ needs versus children’s preferences
While sales growth is dependent on products resonating with parents’ priorities for their children, purchase decisions are not at the expense of what they want. Children have a bigger say than ever before in what is bought for them and businesses must address their tastes and desire for fun, interesting and interactive solutions. Today’s kids are more mature and knowledgeable, much of this being due to widespread internet access and more culturally diverse populations. As a result, they learn quickly about adult trends and wish to mirror their parents’ tastes and choices at an early age. This is highlighted by the growing mini-me trend in fashion and kids desire to consume more adult food and beverages.
Emerging and developing countries offer opportunities for growth
The expanding population in emerging and developing countries (the birth rate, while slowing, is still double that of developed countries at 20%, and children aged 12 and under account for 24% of the total population), combined with economic growth, rising urbanisation and improving technology and internet infrastructure is creating growth opportunities in emerging and developing markets. Parents have more financial resources to allocate to fewer kids, giving rise to higher spend per child and new sales channels are evolving. Whole new markets for some goods are developing.
To learn where opportunities exist within key children’s categories read the full briefing here: Child-Friendly and Parent-Approved: Key Trends in Children’s Categories